Nigerian Stock Exchange gains N285bn after days of losses
The Nigerian stock market bounced back strong on Friday, adding N285 billion in value after several days of declines. This rebound brought fresh relief to investors who had seen continuous losses earlier in the week. The recovery shows renewed confidence in the market, especially as traders took advantage of lower share prices to buy into […]
Naira records massive appreciation against US dollar on month-on-month basis
The Nigerian Naira saw a major improvement against the US Dollar in October, closing the month stronger in the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira appreciated from ₦1,455.23 per dollar at the beginning of the month to ₦1,421.73 at the end of October. This marks […]
Why Tinubu’s 15% import duty on petrol is good for Nigeria – Rewane
Financial expert Bismarck Rewane has said that President Bola Tinubu’s 15% import duty on petrol will benefit Nigeria in the long run. According to him, even though the policy may cause short-term price increases, it is designed to strengthen the nation’s economy and reduce reliance on imported fuel. Rewane explained that Nigeria cannot continue depending […]
Fuel prices will eventually moderate – Tinubu Spokesperson on 15% petrol import duty
The Presidency has assured Nigerians that fuel prices will not remain high forever despite the newly-introduced 15 percent import duty on petrol. According to President Bola Tinubu’s spokesperson, the policy is part of a long-term economic plan, and the cost of petrol will eventually reduce once the system stabilises. He explained that the government is […]
Nigerian petrol retailers, PETROAN, back Tinubu’s 15 percent import duty on petrol
The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) has expressed full support for President Bola Ahmed Tinubu’s decision to impose a 15 percent import duty on petrol. The association stated that the policy would help strengthen Nigeria’s petroleum sector and boost government revenue. PETROAN noted that although the policy may come with challenges, it […]
Fresh fuel price hike looms as Tinubu approves 15 per cent import duty on petrol, diesel
Nigeria may face another rise in fuel prices after President Bola Tinubu approved a 15% import duty on petrol and diesel. The new duty will be applied to imported fuel costs, covering cost, insurance, and freight (CIF). The approval was communicated in a letter dated October 21, 2025, sent to the Federal Inland Revenue Service […]
Naira records three straight appreciations against dollar
The Naira continued its upward trend at the official foreign exchange market on Wednesday, marking its third straight day of appreciation against the US dollar. This improvement comes as Nigeria’s foreign reserves climbed to $43.11 billion as of Tuesday, October 28, 2025, according to data from the Central Bank of Nigeria (CBN). On Wednesday, the […]
CBN refutes reports of involvement in oil sector forex use
The Central Bank of Nigeria has dismissed reports claiming it disbursed $1.259 billion to big oil companies for importing fuel and other petroleum products. According to the apex bank, the report is false and misleading. In a statement released by the bank’s spokesperson, Hakama Sidi Ali, the CBN clarified that the quoted $1.259 billion figure […]
NUPRC seeks finance, investment from Bank of America to increase oil production
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has appealed to the Bank of America to increase funding support for Nigeria’s oil and gas sector. According to the agency, more financial investment is needed to grow crude oil production in the country. This appeal was made by the Commission’s Chief Executive, Gbenga Komolafe, during a courtesy […]
Naira appreciation continues against US dollar as BDC operators lament FX access
Nigeria’s currency continued its upward trend on Tuesday as the naira gained strength against the US dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira appreciated to N1,448.20 per dollar, improving from N1,452.79 recorded on Monday. This means the currency strengthened by N4.59 in one day, […]